Inflation rate in Ireland 2019-2024
The inflation rate for the Republic of Ireland in November 2024 was one percent, up from 0.7 percent in the previous month. During the provided time period, inflation reached a peak of 9.2 percent in October 2022, and was at its lowest in October 2020, when prices were falling by 1.5 percent. In the most recent month, the sector which had the fastest rate of price rises was restaurants and hotels, at 3.4 percent, while prices were falling by 7.5 percent for clothing and footwear.
Inflation subsides but remains a key issue
Like in many other economies, the global inflation crisis, led to increased inflation in Ireland from 2021 to 2023, reaching a peak in late 2022. As of April 2024, approximately 40 percent of people in Ireland, however, still saw inflation as one of the top two most important issues facing the country, although this was down from 65 percent in July 2022. In fact, inflation was second only to housing as a top issue in the country in the most recent survey, ahead of health, immigration, and climate change. Another survey highlights the fact that despite inflation subsiding, people are still struggling with the cost of living. When asked how well they are coping financially, just eleven percent of respondents advised they were living comfortably, with 37 percent just getting by, and almost a quarter finding it quite, or very difficult.
Key economic indicators of Ireland
Ireland's overall gross domestic product (GDP) in 2024 was estimated to be over 560.6 billion U.S. dollars, up from 551.6 billion dollars in 2023. Due to the presence of several multinational companies in the country, however, Ireland's GDP figure can be misleading. In 2022, for example, while overall GDP was 506.3 billion Euros, gross national income (GNI) was just 363.6 billion Euros, with modified GNI even lower at 273.1 billion Euros. Looking at Ireland's labor market, there were around 2.79 million people employed in the country in 2024, while the unemployment rate has, as of late 2024, fluctuated between 4.6 and 4.2 percent since April 2022.
